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Indian outbound tourism to grow by over 11%

🏖 India's outbound tourism market expected to grow from $18.8 billion in 2024 to $55.3 billion by 2034, with a CAGR of 11.4%. The online travel market, driven by digital platforms, projected to expand at a 10.5% CAGR from 2024's $17.24 billion to $28.40 billion in 2029. Southeast Asian, Middle Eastern, African, and Eastern European countries emerging as significant markets. Diverse traveler preferences and demographic growth, government support, improved connectivity, and niche market expansion contributing to growth.
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eBook: Top digital trends for the hospitality c-suite

📓 On Aug 5, 2024, an eBook detailing key digital trends in the hospitality industry was released. It addresses AI advancements, changes in search algorithms, OTA growth, and the post-COVID hotel business landscape. Topics include the transformation of the guest journey, AI-driven search impact, and crucial digital experience metrics. Available for download at Milestone.
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Opportunities for more inclusive travel marketing

📍 Aug 5, 2024: Brands adopting inclusive marketing strategies will likely achieve recognition as progressive and attract a wider audience. Visuals and language should reflect diversity, using terms like "guests" or "passengers" for inclusivity. Employee training on inclusivity is emphasized as they are the direct link to customers. More details on TTG Media.
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Worst season ever

🗽 Santorini sees a quiet season in July and August 2024, with town centers calm after 9 p.m. and hotels operating below 30% capacity. Overtourism is a concern, but the island's reputation for overcrowding deters tourists, impacting year-round visitation and longer stays.
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Americans’ travel bug for Europe is too much of a good thing

🏖 On Aug 2, 2024, a significant tourism-related trade gap was reported, with 7 million more Americans traveling to Europe than Europeans going to the U.S., marking the largest disparity since 2012. The average income of traveling American households was $154,000, an increase from $139,000 in 2019. European local economies benefit, but costs rise, exemplified by Italy's hotel rates surging 42% since 2019. Madrid's long-term rental prices dipped by 15%, while short-term tourist rentals soared over 50% in Q1.
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Booking.com touts social media success

💰 Booking.com, during its Q2 earnings call on August 2, 2024, highlighted increased social media marketing investment due to high ROI. Total marketing spend rose to $1.9 million, up from $1.8 million the previous year. The company now sees over 60% of total bookings coming directly, excluding B2B, marking a significant shift in their strategy.
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Sabre raises 2024 outlook

📈 On Aug 2, 2024, a Texas-based global travel technology company raised its 2024 revenue and adjusted EBITDA guidance after reporting a $61 million operating income, a $103 million increase from the previous year's Q2. Revenue hit $767 million, a 4% year-over-year growth fueled by the Travel Solutions and Hospitality Solutions segments. Travel Solutions contributed $695 million or 90% of Q2 revenue, while Hospitality Solutions added $83 million. The company forecasts a 3%-5% annual growth in business travel.
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Booking.com sees room night growth slowing

🔔 Booking Holdings on Aug 2, 2024, sees a dip in shares by 8% post-market due to a lower room night growth forecast of 3-5% for Q3, after a 7% increase in Q2 and 14.9% in the previous year's quarter. Despite this, Q2 revenue rose by 7% to $5.86 billion, surpassing the anticipated $5.77 billion.
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UK: Consumer spending could rebound in the second half of 2024

💸 Aug 2, 2024: PwC survey suggests consumer sentiment at a three-year high may lift retailers in late 2024. Economic indicators showing falling inflation, anticipated interest rate cuts, and increases in wages, benefits, and pensions signal better consumer conditions. However, consumers still plan spending cutbacks, balancing the positive forecast for retailers. Full details at PwC's website.
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